A bill to amend the Internal Revenue Code of 1954 to provide a tax credit for investments in certain economically lagging regions.

Allows tax credit under the Internal Revenue Code on new investments in plant and equipment for business and industry which chooses to make future expansions in depressed lagging regions of the United States.

Allows this credit to apply both to new industries and to industrial expansions.

Incorporates restrictions such as excluding metropolitan areas which have a population in excess of 300,000. Limits such credit to growth industries, excluding industries which merely relocate.

Includes in the undeveloped areas for the purpose of the Act, the Appalachia region, the Four Corners region, Coastal Plains region, the New England region, Ozarks region, and Upper Great Lakes region.

Provides that other economically depressed areas may also be included. (Adds 26 U.S.C. 40)

Limits the tax credit to 20 percent of the qualified investment or $5,000,000, whichever is less.